Bunnings UK and Ireland reports 54million GBP loss

22 Aug, 17

Homebase re-positioning affected trade

A year after the acquisition of Homebase by its parent company Wesfarmers, Bunnings UK and Ireland has reported revenue of £1.2billion, with a loss of £54million (before interest and tax) in its full year results.

The company stated trading was affected as Homebase was repositioning its offer with a core home improvement and garden offer. 

It also expects the historical poor performance of Homebase to continue in the short term, with customers continuing to adjust to the new offer.

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Wesfarmers states the financial performance of Bunnings UK and Ireland will continue to be affected by non-operating costs and disruption from new store openings “until sufficient scale is achieved”.

However, it also reported the four Bunnings pilot stores it had opened showed “encouraging early performance” and plans to open further 15-20 Bunnings pilot stores before December 31, 2017.

The Australian-based Wesfarmers Group has a total revenue of $68,444million AUS, up by 3.7%, with a net profit after tax of $2,873million up 22.1%.

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